India: the next wealth hub? 

The anticipated growth in Indian household wealth highlights the need for upgrades and expansion within the domestic wealth management sector in India. Only then will local providers be able to effectively handle the evolving needs and diverse investments of both resident and non-resident Indians.As per GlobalData’s Wealth Markets Analytics, India’s household wealth is expected to grow rapidly at a rate of 8.6% in 2024, before crossing the $4trn mark in 2025. This growth trend will be driven by several factors. Most notably, domestic stock markets are projected to continue their bull run. The Indian stock market achieved a major milestone in 2023 as the benchmark NIFTY 50 index reached an all-time high of 19,425 in November 2023, outperforming many of its international counterparts.

In addition, over the next five years (2024-2028), total insurance premiums in India are expected to grow by 7.1% in real terms.

This means India beats the average growth for insurance premiums (2.4%) in the same timeframe, as well as for emerging (5.1%) and advanced (1.7%) market averages.

Patrick Brusnahan, editor